[Adopted 6-6-2017 by Bill No. 2-2017]
A. 
Definitions. In this article the following words have the meanings indicated:
COMMERCE ZONE
A priority funding area in Kent County designated by the County Commissioners of Kent County as a commerce zone and adopted by resolution.
NEW, IMPROVED, OR EXPANDED PREMISES
Commercial or industrial real property, including a building or part of a building that has not been previously occupied, where a business entity locates to conduct business.
B. 
Program. The County Commissioners of Kent County may grant, by law, a property tax credit under this section against the County property tax imposed on or after July 1, 2015, on real property owned by a business entity that meets the requirements specified under this article.
To qualify for a property tax credit under this section, a business entity shall obtain new, improved, or expanded premises in a commerce zone by:
A. 
Purchasing newly constructed premises;
B. 
Constructing new premises;
C. 
Causing new premises to be constructed; or
D. 
Improving existing premises for occupation by the business entity.
[Amended 3-5-2024 by Bill No. 1-2024]
If a business entity meets the definitions and requirements under §§ 153-33 and 153-34 of this article, the property tax credit granted under this section shall equal a percentage of the amount of County property tax imposed on the assessment of the new, improved, or expanded premises, as follows:
A. 
Fifty percent for each of the first five taxable years;
B. 
Twenty-five percent in taxable years six and seven;
C. 
Fifteen percent in taxable years eight through 10;
D. 
Zero percent for each taxable year thereafter; and
E. 
A tax credit granted under this article on real property owned by a business entity is nontransferable and shall end on the date the property is transferred to any subsequent property owner. In the taxable year in which the transfer occurs, the business entity shall be given a credit prorated based on the number of months the business entity owned the property.